PetroBakken Energy Acquires Result Energy

On April 1, 2010, PetroBakken Energy Ltd. acquired Result Energy Inc., a Calgary-based company developing light oil properties in Alberta. The acquisition was completed pursuant to an arrangement agreement entered into on January 28, 2010, with 99.43 per cent of Result shares voted approving the acquisition of Result of PetroBakken. PetroBakken acquired all of the outstanding shares of Result for approximately $438 million, inclusive of Result's positive working capital.

This strategic transaction will provide PetroBakken with significant additional exposure to the Pembina Cardium light oil resource play. It will also complement PetroBakken's strong growth platform centered on high-netback light oil resource plays.

PetroBakken was represented by Andrea Hatzinikolas, PetroBakken's Corporate Secretary and by McCarthy T├ętrault LLP with a team led by Andrew Grasby, with Adam Sanderman and Mischa Zajtmann (securities); Robert Nearing (tax); Rick Pawluk and Kara Levis (competition law) and Douglas Yoshida and Wilson Acton (litigation).      

Heenan Blaikie LLP represented Result. The lead lawyer on this team was Thomas Cotter, with the following in the team: Mark Franco (securities), Jon Smithen (competition law) and Cynthia Amsterdam (litigation).

Guy Lander and Howard Barnet, Jr. of Carter Ledyard & Milburn LLP provided US securities and tax law advice.


Jon Smithen Douglas T. Yoshida Howard J. Barnet Andrew Grasby Guy Lander Wilson Acton Andrea Hatzinikolas Adam Sanderman Richard W. Pawluk Thomas N. Cotter Cynthia Amsterdam Robert W. Nearing


McCarthy Tétrault LLP Carter Ledyard & Milburn LLP